Statutory Instrument 118A of 2022

Presidential Powers (Temporary Measures) (Amendment of Exchange Control Act) Regulations, 2022

 HIS Excellency the President, in terms of section 2 of the Presidential Powers (Temporary Measures) Act [Chapter 10:20], hereby makes the following regulations:—

Title

1. These regulations may be cited as the Presidential Powers (Temporary Measures) (Amendment of Exchange Control Act) Regulations, 2022.

Amendment of section 5 of Cap. 22:05

2. The Exchange Control Act [Chapter 22:05] (“the principal Act”) is amended in section 11 (“Civil penalty orders”) by the insertion of the following subsections after subsection (2)—

  “(2a) The provisions of the Schedule, insofar as they expressly or impliedly permit the settlement of any transaction or payment for goods and services in foreign currency, shall be valid for the period of the National Development Strategy 1 (the national economic plan for the period from January 2021 to December 2025, published on the 16th November, 2021).

  (2b) To avoid doubt, where any civil infringement against any provision of the Schedule is suspected, the provisions of section 41A (“Freezing orders”) of the Bank Use Promotion Act [Chapter 24:24] (2 of 2004) may be applied to any banking account involved in the commission or the facilitation of the commission of the infringement.”.